Something else is very important for clean technology development.
We have seen that some European countries have quickly developed clean technologies, especially France and Finland. They set a price on carbon. They have a carbon market.
Quebec just created a carbon market in cooperation with California. I will actually be in Los Angeles tomorrow to attend a major carbon expo. The Governor of California, Mr. Brown, will be there, as will the Quebec and Ontario environment ministers. Ontario actually just joined Quebec in carbon trading.
Setting a price on carbon helps so many green technologies become profitable. That helps create what we call “the 21st century economy”, the new economy. A green economy is more productive. The idea is to produce more with less. It has less of an impact on the environment so it benefits everyone. It also improves our economic system's effectiveness and our current production. At the same time, it protects the planet and makes sustainable development possible.
Finally, by setting a price on carbon, Quebec makes it possible for companies like Biothermica to sell $1 million worth of carbon credits. We announced that in La Presse two weeks ago. It's all thanks to a new technology Biothermica invented. The technology was applied at a coal mine in Alabama to reduce methane emissions. That reduction had a price on the California market. We sold the application for $1 million. That helped me recoup my investment. The $1 million ended up in Biothermica's bank account and was used to pay for wages and for R and D in order to continue improving the company. Of course, it was also used to pay taxes, which is very important.